List of SSS Loans & their Features
SSS – The Social Security System offers its members different financial solutions in the form of loans they may apply for.
One of the giant social insurance institutions in the Philippines is the Social Security System or more popularly called SSS. It has been in the service of the Filipino people for decades already since 1957.
The SSS was established by the virtue of Republic Act No. 1161. Through the years, its member population has continually grow and it now has millions of members from the different regions across the nation.
Most of the members of the state-run social insurance institution are employees in the private sector. An SSS membership is compulsory among the following:
- Employer (Business or Household Employer)
- Employee
- Self-Employed
- Househelper or Kasambahay
- Overseas Filipino Workers (OFW)
Meanwhile, the Social Security System has also opened its membership for the non-working spouses of the members as well as those who have been separated from their jobs. There is a huge advantage in maintaining an active account to the state-run social insurance institution.
To maintain an updated account to the state entity, a member must regularly post monthly contributions. In the case of the locally-employed members as well as the household helpers, their employers pay for a share in their monthly contributions.
What usually happens in the case of locally-employed individuals, the employer automatically deducts the employee’s share in the monthly contribution from the payroll and remits it to the social insurance institution.
Members of the SSS with updated accounts may qualify to the loan offers of the state-run social insurance giant as well as its benefit offers. It has three (3) main loan offers:
- Salary Loan
- Housing Loan
- Calamity Loan
Let us get to know each of the loan offers of the Social Security System. Let us begin with the multi-purpose cash loan offer of the social insurance institution, the SSS Salary Loan.
The state-entity has set a list of eligibility requirements as well as documentary requirements in applying for the loan offer. You may borrow some money to address multiple financial needs.